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Estate Planning

Tuesday, September 20, 2022

Protecting Your Legacy from a Beneficiary’s Lead Foot

You have worked hard your whole life and are proud to be able to leave a significant legacy to your beneficiaries. But imagine this: The $250,000 brokerage account you diligently built up over decades and then left to your child vanishes as a result of a split-second decision your child made to hit the gas when a traffic light turned yellow.

Unfortunately, your child ended up running a red light and hitting a family in a minivan turning left. Your child is sued, and the amount awarded to the family exceeds your child’s automobile policy liability limits, so the family’s attorney is looking at your child’s other assets (including the $250,000 brokerage account you left to them) to make up the difference. Fortunately, you can avoid a situation such as this by taking the following steps:

 


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Tuesday, September 20, 2022

How a Traffic Ticket Can Impact Your Estate

Getting a traffic ticket is never fun, but usually the irritation of it is relatively short-lived if it is taken care of promptly. If you have recently received a ticket, you may have the following questions about it.

What does it mean?

When you receive and sign a traffic ticket, you are agreeing to either pay the ticket or appear in court. In most cases, you will simply pay the ticket and, if available, attend traffic school to remove any points on your driving record. The traffic ticket may also raise your automobile insurance rates.


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Tuesday, September 20, 2022

Things to Remember When Pulled Over by a Police Officer

 Your heart sinks as you catch a glimpse of flashing lights in your rearview mirror. A little rattled, your mind begins racing as you wonder, “Oh no, what should I do now?” Your experience of being pulled over will be a little less stressful if you remember and follow these tips.

  • ●  Pull over. The first thing you should do as soon as you notice those flashing lights is pull over to the right side of the road as quickly as it is safe to do so. Turn off the car and open the window partway. If it is nighttime, turn on the internal light.



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Sunday, August 14, 2022

Important Steps to Plan for the Future of a Special Needs Child


#1 Establish a Comprehensive Plan

Most estate planning attorneys will say that no person should use a “do-it-yourself” will kit to establish their estate plan.  If you have a child with special needs, it is extremely important to seek competent legal counsel from an estate planning lawyer with special needs planning experience before and during the process of writing your will.

In your estate plan, make sure that any bequests to your child are left to his or her trust (see #2, below) instead of to the child directly.  Your will should also name the person or persons you want to serve as guardian of your child (see #3, below).

Once your estate plan is complete you should give copies to all the guardians and executors named in the will.
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Sunday, July 17, 2022

Estate Planning Don'ts

Preparing for the future is an uncertain business, but there are steps you can take during your lifetime to simplify matters for your loved ones after you pass, and to ensure your final wishes are carried out. Planning for what happens to your property, or who cares for your family members, upon your death can be a complicated process. To simplify things, the following list can help you avoid some of the pitfalls you may encounter before, or even long after, you create your estate plan.


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Sunday, June 19, 2022

Remarried? Protect Your Children With Proper Planning

If you are married for the first time and are working on your estate plan, the decisions about where the assets go are usually easy. Most parents in that situation want their entire estate to go to the surviving spouse, and upon the death of the surviving spouse, equally to their children. There may be difficult decisions about who will serve as guardians of the children or trustees over the children’s property, but typically it’s easy to decide where the property will go.

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Sunday, May 15, 2022

People. The Essential Component of Your Estate Plan’s Success

Properly drafted estate planning documents are integral to the success of your legacy and end-of-life wishes.  Iron-clad estate planning documents, written by a knowledgeable attorney can make the difference between the success and failure of having your wishes carried out.  However, there’s more to estate planning than paperwork.  For your wishes to have the best chance of being honored, it is important to carefully choose the people who will carry them out.

 


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Sunday, April 17, 2022

Glossary of Estate Planning Terms

Here is a list of commonly used Estate Planning Terms and their meanings.


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Monday, March 21, 2022

You've Established an Estate Plan. Do You Know Where the Documents Are? Does Your Family?


For most people, finally establishing an estate plan is a big step that they have undertaken after years of delay. A second step is making decisions regarding the executor, trustees, beneficiaries, funeral costs and debt, and a third step is actually completing the will. There is, however, a fourth step that is often skipped: placing the original will and other critical documents in a place where it can be found when it is needed.


As far as wills are concerned, this step is more important than you might think, for two reasons:

  1. If your will can’t be found upon your death then, legally, you will have passed away intestate, i.e.
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Friday, February 18, 2022

6 Events Which Can Trigger Will Revisions

Creating a Will is not a one-time event. You should review your will periodically, to ensure it is up to date, and make necessary changes if your personal situation, or that of your executor or beneficiaries, has changed. There are a number of life-changing events that require your Will to be revised, including:

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Monday, January 10, 2022

Estate Planning for Unmarried Couples

Estate planning is important for everyone. We simply don’t know when something tragic could happen such as sudden death or an accident that could leave us incapacitated. With proper planning, families who are dealing with the unexpected experience fewer headaches and less expense associated with managing affairs after incapacity or administering an estate after death.

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